SPI Acquisition Will Help TopBuild Thrive Through Tough Resi Market -- Market Talk

Dow Jones

Oct 09, 2025

1435 ET - TopBuild's $1 billion acquisition of SPI will give it more industrial and commercial customers and more exposure to the maintenance and repair market, helping it to grow even through a stagnant residential construction backdrop, say D.A. Davidson analysts Kurt Yinger and Aditya Madan. More of SPI's business comes from repair than new construction, which should help reduce cyclicality and SPI's diverse end-market verticals should allow TopBuild to achieve a near-even split between commercial/industrial and residential. The analysts say TopBuild should trade at a premium to historic valuations, but is instead trading at lower multiples compared with lower-margin and lower-quality building products distributors. TopBuild climbs 7% to $424.11. (nicholas.miller@wsj.com)

(END) Dow Jones Newswires

October 08, 2025 14:35 ET (18:35 GMT)

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Davidson analysts Kurt Yinger and Aditya Madan. More of SPI's business comes from repair than new construction, which should help reduce cyclicality and SPI's diverse end-market verticals should allow TopBuild to achieve a near-even split between commercial/industrial and residential. The analysts say TopBuild should trade at a premium to historic valuations, but is instead trading at lower multiples compared with lower-margin and lower-quality building products distributors. TopBuild climbs 7% to $424.11. 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Davidson analysts Kurt Yinger and Aditya Madan. More of SPI's business comes from repair than new construction, which should help reduce cyclicality and SPI's diverse end-market verticals should allow TopBuild to achieve a near-even split between commercial/industrial and residential. The analysts say TopBuild should trade at a premium to historic valuations, but is instead trading at lower multiples compared with lower-margin and lower-quality building products distributors. TopBuild climbs 7% to $424.11. 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Davidson analysts Kurt Yinger and Aditya Madan. More of SPI's business comes from repair than new construction, which should help reduce cyclicality and SPI's diverse end-market verticals should allow TopBuild to achieve a near-even split between commercial/industrial and residential. The analysts say TopBuild should trade at a premium to historic valuations, but is instead trading at lower multiples compared with lower-margin and lower-quality building products distributors. TopBuild climbs 7% to $424.11. (nicholas.miller@wsj.com) \n\n\n  (END) Dow Jones Newswires\n\n\n  October 08, 2025 14:35 ET (18:35 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}